Saudi Prince predicted the disappearance of Russia from the world oil market

The crown Prince of Saudi Arabia Muhammad al Saud said that in the future the number of producers of oil on the world market will be significantly reduced, in particular, the market will take Russia and China. He said this in an interview with Bloomberg.

«Oil demand will grow by 2030 by more than 1% per year, from 1 to 1.5%, maybe more. Some believe that after 2030 it will decline. According to our calculations, many oil producers will disappear,» said al Saud.

«For example, we believe that China sharply cut production, if not disappear, as the manufacturer, within five years. And other countries, will one day disappear as countries that produce oil. After 19 years, oil production in Russia will decrease drastically if not disappear altogether, with its 10 million barrels per day», — quotes RBC of a Prince.

He added that with this vision of the future Saudi Arabia will have to sell in the future more oil than it does now.

«Therefore, we do not believe that in this area there is any risk to Saudi Arabia. Today no one talks about the planes that fly on electricity, or about ships that float in the sea on electricity. Add to this the demand from the petrochemical industry and prospects of petrochemical industry in 10-20-30 years», — concluded the al Saud.